Senate Set To Debate Financial Reform Bill: Corporate Governance and Executive Compensation Update


On March 15, 2010, U.S. Senator Chris Dodd, chairman of the Senate Banking Committee, released the second version of his comprehensive financial reform bill (the first was released last fall). On March 22, the Banking Committee voted the bill out of committee; it will now be debated and amended by the full Senate. Titled the “Restoring American Financial Stability Act of 2010” (RAFSA), the bill contains sweeping changes to the financial sector. Among the headline items are proposals to:

1) make the Federal Reserve responsible for bank holding companies with assets exceeding $50 billion; 2) establish a body within the Federal Reserve to police systemic risk and grant it the power to break up “too big to fail” institutions; 3) create a Consumer Financial Protection Bureau to assess financial products; 4) require large financial institutions to prepare their own dissolution plans; 5) create an agency to regulate rating agencies; 6) increase regulation of hedge funds that manage over $100 million of assets; and 7) require more public disclosure of derivatives.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Wilson Sonsini Goodrich & Rosati | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.